Item 2. Unregistered Sales of Equity Securities
Item 2 Unregistered Sales of Equity Securities and use of Proceeds
(a) Not applicable.
(b) Not applicable.
(c) On April 25, 2022, the Company’s Board of Directors approved an extension of its previously announced stock repurchase program, which was set to expire on April 29, 2022, until October 29, 2022. Under this program the Company is authorized to repurchase up to $2.0 million of its outstanding shares of common stock during the period ending October 29, 2022, from time to time in the open market, based on prevailing market prices, or in privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing, volume and price of purchases are made at our discretion, and are contingent upon our overall financial condition, as well as general market conditions.
The following table sets forth information with respect to our repurchases of our outstanding common shares during the three months ended June 30, 2022:
Total Number of Shares Purchased (1)
Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximated Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs
April 1, 2022 - April 30, 2022 3,733 $ 38.48 3,733 $ 1,573,633
May 1, 2022 - May 31, 2022 36,872 $ 36.63 36,277 245,671
June 1, 2022 - June 30, 2022 3,196 $ 36.87 2,781 143,199
Total 43,801 $ 36.80 42,791 $ 143,199
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(1) Includes the surrender of shares of Company common stock that the participants already own as payment of the exercise price for stock options. Shares surrendered by participants in the equity incentive plans are repurchased pursuant to the terms of the plan and applicable award agreement and not pursuant to publicly announced share repurchase programs.
(2) On July 26, 2022, the Company announced that its Board of Directors amended the aforementioned stock repurchase program to increase the authorized repurchase amount to $4.0 million effective immediately and to extend the program maturity to January 31, 2023. Assuming implementation as of June 30, 2022, approximately $2.1 million of common stock would have remained authorized for repurchase under the current stock repurchase program.
Item 3 Defaults Upon Senior Securities
Nothing to report.
Item 4. Mine Safety Disclosures
Not Applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.